UAE hosts national day celebrations despite financial gloom

Emiratis have been celebrating the UAE’s national day in spite of the financial gloom that has descended on Dubai.

In a speech to mark the UAE’s national day, Dubai’s ruler Sheikh Mohammed Bin RashidAl Maktoum said today that despite “the weight of the consequences of the global financial crisis, the wheel of progress and achievement in our country did not stop turning.”

The debt-laden emirate has seen its stock markets nosedive since the revelation that the government-owned Dubai World would be asking creditors for an extension on repaying its debts.

But leader of Abu Dhabi and UAE president Sheikh Khalifa bin Zayed Al Nahyan insisted the economy was “fine”.

It comes as Dubai suffers another setback, as it emerged the world’s tallest tower would no longer be opening this month as promised in the summer.

The Burj Dubai was originally due to open in September, but in July the developer revealed the opening date had been pushed back to December

Now Emaar says the tower’s offices will not be handed over until August 2010.

The famous Armani residences and hotel will be opened first, on 17 January, followed by other residences which will be handed over to owners on 22 March.

It is understood a soft opening of the tower to the public could be a possibility in January, though this is not yet confirmed.

It comes amid a backdrop of financial turmoil which has plagued Dubai over the last week following.